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  • Are you tired of worrying about how you’ll make your mortgage payment?
  • Have you been going back and forth with your lender for what seems like an eternity?
  • Has the stressful uncertainty started to wear you down and affect the health of you or your spouse?
  • Do you hate the thought of moving, but realistically wonder how much longer can you take this?
  • Is it likely to get better? When?
  • Is there a way out?

Up until recently many mortgage lenders have taken the position that a homeowner who’s agreed to make a certain payment should be required to make that payment. Even if things have taken a turn for the worse, the loan terms were unfair, or the buyer didn’t fully understand the loan product, some lenders were simply not willing to free a homeowner from the obligation to pay. It’s an economic principle called moral hazard and simply means that if a person takes the risk of buying a home, but is not required to suffer the losses that may occur from their decision (or those losses are passed on to someone else—like the bank), the buyer is more likely to repeat the behavior. For this, and other reasons offered by the banking industry, there used to be no relief for homeowners.

BUT NOW THINGS HAVE CHANGED!

Banks are offering distressed homeowners a fresh path to freedom, certainty and peace of mind. A distressed homeowner who owes more than the home is worth can now sell their home, and walk away FREE—with no future obligation to the lender. You may even walk away with some CASH to help transition into more affordable housing. It’s called a SHORT SALE.

What Is A Short Sale?

In the eBook, Foreclosure Alternatives: A Guide for California Homeowners, author F.R. Res defines a Short Sale in the following manner:

“A short sale occurs when a lender agrees to lower a loan balance at the request of the homeowner. The homeowner sells the property for less than the amount owed, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. The lower payoff has to be negotiated and formally Approved by the lender in advance of the sale. The formal negotiation of a Short Sale Approval is conducted through the bank’s Loss Mitigation department and has a much higher chance of succeeding if handled by a professional Short Sale Listing Agent.”

Short Sale Benefits

  • There is no cost to the homeowner
  • Short Sale experts negotiate with the bank on your behalf—you relax
  • The homeowner retains the dignity of selling their home vs. the humiliation of a foreclosure
  • There are no mortgage payments to make during the short sale process, unless you choose to make them (3-12 months)
  • Under certain circumstances another home can be purchased immediately (this is much sooner than you can buy after a foreclosure)
  • In most instances homeowners will be able to buy another home in 2 – 3 years (this too is much sooner than you can buy after a foreclosure)
  • There is limited damage to the seller’s credit profile (an entry of “Settled” vs. “Defaulted” or “Foreclosure”)
  • At the close of escrow, the seller will likely qualify for some type of CASH payment, typically $3,000 or more, to help cover their moving expenses
  • The homeowner can typically rent a comparable home for much less than their former mortgage payment
  • Most lenders do not require the seller to be behind on payments
  • CA Senate Bill 458 requires forgiveness on all debt after a short sale in CA (subject to a few exceptions)
  • As opposed to loan modifications, upside down balances can be written off and forgiven now while there is no federal tax liability

The fact that lenders are now willing to Approve Short Sales for struggling homeowners is certainly good news, but the real challenge to obtaining Short Sale relief is knowing which short sale agent to hire. Our San Diego Short Sale specialists have been negotiating short sales since 1994, long before the current housing crisis—for you that means Experience. They are all college graduates (some with advanced degrees) and each holds at least one Distressed Property/Owner Certification, all equaling Education, Training and Certification. And although our short sale experts reside in San Diego County, we’ve negotiated over 350 short sales and sold over 100 short sale homes throughout the State of California.

When it comes to short selling your home, you’ll have the counsel, assistance and experience of a consummate real estate professional. Our goal is to facilitate a smooth, seamless, stress-free transaction, that ultimately gives you peace of mind, along with some CASH to move forward.

Contact us today for a no cost, no obligation consultation with an expert San Diego Short Sale real estate agent. You’ll receive a FREE copy of our latest Report: "How To Avoid The Ten Costliest Mistakes Made by Short Sale Sellers"
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We're often asked, which lender's transactions do we close the most? And the answer is ...

Bank of America Short Sales

With the acquisition of Countrywide in 2008, Bank of America's mortgage portfolio grew to a whopping 20% - 25% of the American marketplace. In 2010, to better serve distressed homeowners and reach out to the real estate agents who serve them, Bank of America introduced an online short sale processing platform called Equator.

Your expert San Diego Short Sale listing agents have undergone many hours of training on the Equator system and are waiting to use their expertise to help resolve your situation. You can reach one of our agents by calling 888-471-2856 or completing the inquiry form at the top of the page.

If you need more information on Bank of America short sales, please click here to visit our FAQ page. To obtain B of A related forms or a B of A Lender Package, please go to our Forms Page or Lender Package Page and click on B of A.

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